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During the 49th meeting of the Joint Technical Committee, OPEC Secretary-General Mohammad Barkindo noted that the global economic outlook and oil market prospects continue to show signs of improvement, as reported by Reuters.

“The headwinds of uncertainty that shocked the market last year continue to abate, this is a major turnaround from a year ago,” Barkindo added and said positive global economic developments and resilient demand in Asia are encouraging.

Market reaction

Crude oil showed no immediate reaction to these comments and the barrel of West Texas Intermediate (WTI) was last seen trading at $60.65, rising 0.75% on a daily basis.

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